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Bitcoin Newcomers FAQ - Please read!

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
Some other great resources include Lopp.net, the Princeton crypto series and James D'Angelo's Bitcoin 101 Blackboard series.
Some excellent writing on Bitcoin's value proposition and future can be found at the Satoshi Nakamoto Institute.
Some Bitcoin statistics can be found here and here. Developer resources can be found here. Peer-reviewed research papers can be found here.
Potential upcoming protocol improvements and scaling resources here and here.
The number of times Bitcoin was declared dead by the media can be found here (LOL!)

Key properties of Bitcoin

Where can I buy bitcoins?

Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy OTP Auth
Android Android N/A
iOS iOS iOS

Watch out for scams

As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".

Where can I spend bitcoins?

Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Spendabit, Overstock and The Bitcoin Directory Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, LivingRoomofSatoshi, Coinsfer, and more Bill payment
Menufy, Takeaway and Thuisbezorgd NL Takeout delivered to your door
Expedia, Cheapair, Destinia, Abitsky, SkyTours, the Travel category on Gyft and 9flats For when you need to get away
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun Domain name registration
Stampnik Discounted USPS Priority, Express, First-Class mail postage
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, Cryptogrind, Coinality, Bitgigs, /Jobs4Bitcoins, BitforTip, Rein Project Freelancing
Lolli Earn bitcoin when you shop online!
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
/GirlsGoneBitcoin NSFW Adult services
A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins.

Bitcoin-Related Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network Second layer scaling
Blockstream, Rootstock and Drivechain Sidechains
Hivemind and Augur Prediction markets
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
JoinMarket and Wasabi Wallet CoinJoin implementation
Coinffeine and Bisq Decentralized bitcoin exchanges
Keybase Identity & Reputation management
Abra Global P2P money transmitter network
Bitcore Open source Bitcoin javascript library

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
bitcoin BTC 1 bitcoin one bitcoin is equal to 100 million satoshis
millibitcoin mBTC 1,000 per bitcoin used as default unit in recent Electrum wallet releases
bit bit 1,000,000 per bitcoin colloquial "slang" term for microbitcoin (μBTC)
satoshi sat 100,000,000 per bitcoin smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit.
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BitcoinFan7 to Bitcoin [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
The following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:
For some more great introductory videos check out Andreas Antonopoulos's YouTube playlists, he is probably the best bitcoin educator out there today. Also have to give mention to James D'Angelo's Bitcoin 101 Blackboard series. Lots of additional video resources can be found at the videos wiki page or /BitcoinTV.
Key properties of bitcoin
Some excellent writing on Bitcoin's value proposition and future can be found here. Bitcoin statistics can be found here, here and here. Developer resources can be found here and here. Peer-reviewed research papers can be found here. The number of times Bitcoin was declared dead by the media can be found here. Scaling resources here, and of course the whitepaper that started it all.

Where can I buy bitcoins?

BuyBitcoinWorldwide.com and Howtobuybitcoin.io are helpful sites for beginners. You can buy or sell any amount of bitcoin and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also, check out the bitcoinity exchange resources for a larger list of options for purchases.
Bank Transfer Credit / Debit card Cash
Coinbase Coinbase LocalBitcoins
Gemini Bitstamp LibertyX
GDAX Bitit Mycelium LocalTrader
Bitstamp Cex.io BitQuick
Kraken CoinMama WallofCoins
Xapo BitcoinOTC
Cex.io
itBit
Bitit
Bitsquare
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Cashila or Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Android iOs Desktop
Mycelium BreadWallet Electrum
CoPay AirBitz Armory
Another interesting use case for physical storage/transfer is the Opendime. Opendime is a small USB stick that allows you to spend Bitcoin by physically passing it along so it's anonymous and tangible like cash.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

A more comprehensive list can be found at the Trade FAQ but some more commons ones are below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Steam, HumbleBundle, Games Planet, itch.io, g2g and kinguin For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, The Bitcoin Shop, Overstock, DuoSearch, The Bitcoin Directory and BazaarBay Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Cashila, Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, Pey.de, LivingRoomofSatoshi, Hyphen.to, Coinsfer, GetPaidinBitcoin, Coins.co.th, More #1, #2 Bill payment
Foodler, Menufy, Takeaway, Thuisbezorgd NL, Pizza For Coins Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege the Travel category on Gyft and 9flats For when you need to get away
BoltVM, BitHost VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun For new domain name registration
Stampnik and GetUSPS Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others
Coinmap, 99Bitcoins and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, Red Cross, Amnesty International, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. Bitseed is an easy option for getting set up. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, XBTfreelancer, Cryptogrind, Bitlancerr, Coinality, Bitgigs, /Jobs4Bitcoins, Rein Project Freelancing
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
Watchmybit, Streamium.io, OTika.tv, XOtika.tv NSFW, /GirlsGoneBitcoin NSFW Video Streaming
Bitasker, BitforTip, WillPayCoin Tasks
Supload.com, SatoshiBox, JoyStream, File Army File/Image Sharing
CoinAd, A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

Bitcoin Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mirror Smart contracts
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet - abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bitsquare Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Bitmesh and Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium and Faradam Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
Coinometrics Institutional-level Bitcoin Data & Research
Blocktrail and BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money ;)

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μL) or micrometre (μm)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $500 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. A complete list of bitcoin related subreddits can be found here
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BinaryResult to Bitcoin [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
Some great introductions for new users are My first bitcoin, Bitcoin explained and ELI5 Bitcoin. Also, the following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:
Also have to give mention to Lopp.net, the Princeton crypto series and James D'Angelo's Bitcoin 101 Blackboard series. Some excellent writing on Bitcoin's value proposition and future can be found at the Satoshi Nakamoto Institute. Bitcoin statistics can be found here, here and here. Developer resources can be found here, here and here. Peer-reviewed research papers can be found here. Potential upcoming protocol improvements here. Scaling resources here. The number of times Bitcoin was declared dead by the media can be found here (LOL!), and of course Satoshi Nakamoto's whitepaper that started it all! :)
Key properties of bitcoin

Where can I buy bitcoins?

Bitcoin.org, BuyBitcoinWorldwide.com and Howtobuybitcoin.io are helpful sites for beginners. You can buy or sell any amount of bitcoin and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also, check out the bitcoinity exchange resources for a larger list of options for purchases.
Bank Transfer Credit / Debit card Cash
Gemini Bitstamp LocalBitcoins
Bitstamp Bitit Mycelium LocalTrader
BitFinex Cex.io LibertyX
Cex.io CoinMama WallofCoins
Xapo Spectrocoin BitcoinOTC
Kraken Luno BitQuick
itBit
HitBTC
Bitit
Bisq (decentralized)
Luno
Spectrocoin
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Android iOs Desktop
Samouari BreadWallet Electrum
Another interesting use case for physical storage/transfer is the Opendime. Opendime is a small USB stick that allows you to spend Bitcoin by physically passing it along so it's anonymous and tangible like cash.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

Check out spendabit or bitcoin directory for some good options, some of the more commons ones are listed below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Steam, HumbleBundle, Games Planet, itch.io, g2g and kinguin For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, Overstock, The Bitcoin Directory and BazaarBay Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, LivingRoomofSatoshi, Hyphen.to, Coinsfer, More #1, #2 Bill payment
Menufy, Takeaway, Thuisbezorgd NL, Pizza For Coins Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege the Travel category on Gyft and 9flats For when you need to get away
BitHost VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun For new domain name registration
Stampnik Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. Bitseed is an easy option for getting set up. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, XBTfreelancer, Cryptogrind, Bitlancerr, Coinality, Bitgigs, /Jobs4Bitcoins, Rein Project Freelancing
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
Streamium.io, XOtika.tv NSFW, /GirlsGoneBitcoin NSFW Video Streaming
Bitasker, BitforTip Tasks
Supload.com, SatoshiBox, JoyStream, File Army File/Image Sharing
CoinAd, A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

Bitcoin Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream, Rootstock and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet - abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bisq Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money ;)

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μL) or micrometre (μm)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. A complete list of bitcoin related subreddits can be found here
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BinaryResult to Bitcoin [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
The following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:
For lots of additional video resources check out the videos wiki page or /BitcoinTV.
Key properties of bitcoin
Some excellent writing on Bitcoin's value proposition and future can be found here. Bitcoin statistics can be found here and here. Developer resources can be found here and here. Peer-reviewed research papers can be found here. The number of times Bitcoin was declared dead by the media can be found here. Scaling resources here, and of course the whitepaper that started it all.

Where can I buy bitcoins?

BuyBitcoinWorldwide.com is a very helpful site for beginners. You can buy or sell any amount of bitcoin and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also, check out the bitcoinity exchange resources for a larger list of options for purchases.
Bank Transfer Credit / Debit card Cash
Coinbase Coinbase LocalBitcoins
Gemini Bitstamp LibertyX
GDAX Bitit Mycelium LocalTrader
Bitstamp Cex.io BitQuick
Kraken CoinMama WallofCoins
Xapo BitcoinOTC
Cex.io
itBit
Bitit
Bitsquare
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Cashila or Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Android iOs Desktop
Mycelium BreadWallet Electrum
CoPay AirBitz Armory
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

A more comprehensive list can be found at the Trade FAQ but some more commons ones are below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Steam, HumbleBundle, GreenmanGaming, and Coinplay.io For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, The Bitcoin Shop, Overstock, Rakuten, DuoSearch, The Bitcoin Directory and BazaarBay Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg, TigerDirect and Dell For all your electronics needs
Cashila, Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, Pey.de, LivingRoomofSatoshi, Hyphen.to, Coinsfer, GetPaidinBitcoin, Coins.co.th, More #1, #2 Bill payment
Foodler, Takeaway, Thuisbezorgd NL, Pizza For Coins Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege the Travel category on Gyft and 9flats For when you need to get away
BoltVM, BitHost VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap For new domain name registration
Stampnik and GetUSPS Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others
Coinmap, 99Bitcoins and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, Red Cross, Amnesty International, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. Bitseed is an easy option for getting set up. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
Bitwage, XBTfreelancer, Cryptogrind, Bitlancerr, Coinality, Bitgigs, /Jobs4Bitcoins, Rein Project Freelancing
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
Watchmybit, Streamium.io, OTika.tv, XOtika.tv NSFW, /GirlsGoneBitcoin NSFW Video Streaming
Bitasker, BitforTip, WillPayCoin Tasks
Supload.com, SatoshiBox, JoyStream, File Army File/Image Sharing
CoinAd, A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

Bitcoin Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mirror Smart contracts
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet - abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bitsquare Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Bitmesh and Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium and Faradam Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
Coinometrics Institutional-level Bitcoin Data & Research
Blocktrail and BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money ;)

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μL) or micrometre (μm)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $500 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. A complete list of bitcoin related subreddits can be found here
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BinaryResult to Bitcoin [link] [comments]

[ShowerThoughts] There will come a day when computing is cheap enough that all the lost bitcoin will be found.

Just like most brainwallets have already been brute forced, I could foresee the day when ECDSA could be brute-forced at some marginal profitability. May be decades away. By then most of the UTXOs will be moved to a new signature algorithm, and the only ones left will be all the "lost coins" of people who forgot their seed or lost their harddrive. In this imaginary future, bitcoin mining will be brute-forcing old / legacy ECDSA UTXOs.
Take a look at the RSA Challenge, they have been ticking away at that over the last few decades quite nicely.
Bits Month-Year Cracked
300 4-1991
364 4-1992
397 7-1993
426 4-1994
430 4-1996
463 2-1999
512 8-1999
576 12-2003
663 5-2005
768 12-2009
And that is just for fame and $50k or so of prizes. The cash "prize" for ECSDA is much higher. I'd be amazed if ECDSA is still unfactorable in 80 years. Especially using made-to-order hardware.
Before the maximalists bury me, I'm anticipating innovation in methodologies, not Moore's Law.
Though there may be raw tech in the next century as well. Here's a proof-of-concept at defeating RSA 2048 in trivial time
Remember... the three bodies problem was considered unsolvable... till it wasn't.
submitted by brianddk to btc [link] [comments]

[ShowerThoughts] There will come a day when computing is cheap enough that all the lost bitcoin will be found.

Just like most brainwallets have already been brute forced, I could foresee the day when ECDSA could be brute-forced at some marginal profitability. May be decades away. By then most of the UTXOs will be moved to a new signature algorithm, and the only ones left will be all the "lost coins" of people who forgot their seed or lost their harddrive. In this imaginary future, bitcoin mining will be brute-forcing old / legacy ECDSA UTXOs.
submitted by brianddk to Bitcoin [link] [comments]

List of qualities needed to dethrone Bitcoin.

Skycoin is 51% attack proof and addresses many of the security issues in Bitcoin. Skycoin is designed to be a simpler, easier to use, more secure Bitcoin. Skycoin emphasizes simplicity, security and usability.
submitted by BobUltra to CryptoTechnology [link] [comments]

[uncensored-r/Bitcoin] /r/Bitcoin FAQ - Newcomers please read

The following post by BinaryResult is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
reddit: /Bitcoin/comments/6jlop4
The original post's content was as follows:

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
The following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:
For lots of additional video resources check out the videos wiki page or /BitcoinTV.
Key properties of bitcoin
  • Limited Supply - There will only ever be 21,000,000 bitcoins created and they are issued in a predictable fashion, you can view the inflation schedule here. Once they are all issued Bitcoin will be truly deflationary.
  • Open source - Bitcoin code is fully auditable. You can read the source code yourself here.
  • Accountable - The public ledger is transparent, all transactions are seen by everyone.
  • Decentralized - Bitcoin is globally distributed across thousands of nodes with no single point of failure and as such can't be shut down similar to how Bittorrent works.
  • Censorship resistant - No one can prevent you from interacting with the bitcoin network and no one can censor, alter or block transactions that they disagree with, see Operation Chokepoint.
  • Push system - There are no chargebacks in bitcoin because only the person who owns the address where the bitcoins reside has the authority to move them.
  • Low fee - Transactions fees can vary between a few cents and a few dollars depending on network demand and how much priority you wish to assign to the transaction. Most wallets calculate the fee automatically but you can view current fees here.
  • Borderless - No country can stop it from going in/out, even in areas currently unserved by traditional banking as the ledger is globally distributed.
  • Trustless - Bitcoin solved the Byzantine's Generals Problem which means nobody needs to trust anybody for it to work.
  • Pseudonymous - No need to expose personal information when purchasing with cash or transacting.
  • Secure - Encrypted cryptographically and can’t be brute forced or confiscated with proper key management such as hardware wallets.
  • Programmable - Individual units of bitcoin can be programmed to transfer based on certain criteria being met
  • Nearly instant - From a few seconds to a few minutes depending on need for confirmations. After a few confirmations transactions are irreversible.
  • Peer-to-peer - No intermediaries with a cut, no need for trusted third parties.
  • Portable - Bitcoins are digital so they are easier to move than cash or gold. They can even be transported by simply remembering a string of words for wallet recovery.
  • Scalable - Each bitcoin is divisible down to 8 decimals allowing it to grow in value while still accommodating micro-transactions.
  • Designed Money - Bitcoin was created to fit all the fundamental properties of money better than gold or fiat
Some excellent writing on Bitcoin's value proposition and future can be found here. Bitcoin statistics can be found here, here and here. Developer resources can be found here and here. Peer-reviewed research papers can be found here. The number of times Bitcoin was declared dead by the media can be found here. Scaling resources here, and of course the whitepaper that started it all.

Where can I buy bitcoins?

BuyBitcoinWorldwide.com and Howtobuybitcoin.io are helpful sites for beginners. You can buy or sell any amount of bitcoin and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also, check out the bitcoinity exchange resources for a larger list of options for purchases.
Bank Transfer Credit / Debit card Cash
Coinbase Coinbase LocalBitcoins
Gemini Bitstamp LibertyX
GDAX Bitit Mycelium LocalTrader
Bitstamp Cex.io BitQuick
Kraken CoinMama WallofCoins
Xapo BitcoinOTC
Cex.io
itBit
Bitit
Bitsquare
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Cashila or Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
  • If you prefer to "Be your own bank" and have direct control over your coins without having to use a trusted third party, there are many software wallet options here. If you want easy and secure storage without having to learn computer security best practices, then a hardware wallet such as the Trezor or Ledger is recommended. A more advanced option is to secure them yourself using paper wallets generated offline. Some popular mobile and desktop options are listed below and most are cross platform.
Android iOs Desktop
Mycelium BreadWallet Electrum
CoPay AirBitz Armory
  • If you prefer to let third party "Bitcoin banks" manage your coins, try Coinbase or Xapo but be aware you may not be in control of your private keys in which case you would have to ask permission to access your funds and be exposed to third party risk.
Another interesting use case for physical storage/transfer is the Opendime. Opendime is a small USB stick that allows you to spend Bitcoin by physically passing it along so it's anonymous and tangible like cash.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

A more comprehensive list can be found at the Trade FAQ but some more commons ones are below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Steam, HumbleBundle, Games Planet, itch.io, g2g and kinguin For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, The Bitcoin Shop, Overstock, Rakuten, DuoSearch, The Bitcoin Directory and BazaarBay Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg, TigerDirect and Dell For all your electronics needs
Cashila, Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, Pey.de, LivingRoomofSatoshi, Hyphen.to, Coinsfer, GetPaidinBitcoin, Coins.co.th, More #1, #2 Bill payment
Foodler, Menufy, Takeaway, Thuisbezorgd NL, Pizza For Coins Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege the Travel category on Gyft and 9flats For when you need to get away
BoltVM, BitHost VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap For new domain name registration
Stampnik and GetUSPS Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others
Coinmap, 99Bitcoins and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, Red Cross, Amnesty International, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
  • 1-3% savings over credit cards or PayPal.
  • No chargebacks (final settlement in 10 minutes as opposed to 3+ months).
  • Accept business from a global customer base.
  • Increased privacy.
  • Convert 100% of the sale to the currency of your choice for deposit to your account, or choose to keep a percentage of the sale in bitcoin if you wish to begin accumulating it.
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. Bitseed is an easy option for getting set up. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, XBTfreelancer, Cryptogrind, Bitlancerr, Coinality, Bitgigs, /Jobs4Bitcoins, Rein Project Freelancing
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
Watchmybit, Streamium.io, OTika.tv, XOtika.tv NSFW, /GirlsGoneBitcoin NSFW Video Streaming
Bitasker, BitforTip, WillPayCoin Tasks
Supload.com, SatoshiBox, JoyStream, File Army File/Image Sharing
CoinAd, A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

Bitcoin Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mirror Smart contracts
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet - abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bitsquare Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Bitmesh and Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium and Faradam Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
Coinometrics Institutional-level Bitcoin Data & Research
Blocktrail and BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money ;)

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin ?BTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (?L) or micrometre (?m)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $500 for one Bitcoin, a $10 meal would equal:
  • 0.02 BTC
  • 20 mBTC
  • 20,000 bits
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. A complete list of bitcoin related subreddits can be found here
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

chrome just removed kryptokit

literally got an alert that kryptokit was removed from chrome. I checked and it's gone?
Is google trying to remove bitcoin apps or something? I'm panicking.
what if I had a big stash and they simply removed it without any way to access it? No warning, it just removed it without my permission.
I want answers.
submitted by graphixdesigner to Bitcoin [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to Bitcoin!

Maybe you're here because you've received a tip on social media or from /FreeBits, or maybe you've just been hearing a lot recently about Bitcoin and are wondering what the big deal is? The following videos are a good starting point for understanding how bitcoin works and a little bit about its long term potential:

What are Bitcoins worth and where can I buy them?

Bitcoins are valued at what market price people are willing to pay for them. Here is a useful site that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just google "1 bitcoin in (your local currency)".
You can buy or sell any amount of bitcoin (from as little as $1 worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank account. Top recommendations include:
US & Europe
China
Also exchanges such as those listed below can be used with bank transfer in most of Europe and US
For even more bitcoin exchanges by country location, review these exchange country listings.

Where can I spend Bitcoins?

A comprehensive list can be found at TheBitcoinPage.com but some of the key ones are below:
There are also lots of charities which accept bitcoin donations, such as Wikipedia and the RNLI. You can find a longer list here.

Merchant Resources

If you operate a business and want to accept bitcoin as a payment method, there are several options available:

Can I mine bitcoin?

Mining bitcoins can be a fun hobby but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The friendly folks at /BitcoinMining would be happy to help you out.

Securing your bitcoins

With bitcoin you can be your own bank and personally secure your bitcoins or you can use trusted companies such as Coinbase and Circle which have secured wallets where they hold the bitcoins for you and provide insurance. Be sure to only deal with reputable companies, if you have any concerns about a company's trustworthiness just ask or check their consumer reviews and ratings.
If you prefer to have direct control over your coins without having to use a trusted third party you can use personal wallets for desktops / laptops, android and iOS where you alone hold your private keys. Electrum, Mycelium and breadwallet are popular, but there are many options.
Find a wallet that works best for you
For increased security use Two Factor Authentication (2FA) everywhere it is offered, including email! (2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access). Google Authenticator and Authy are two great apps for handling 2FA.
Additional security systems such as Mycelium Entropy (for printing multi-signature paper wallets) and the Trezor Hardware Wallet are great ways to easily secure your coins. Or, you can opt to secure your bitcoin using cold storage.
Note: Do not use brainwallets unless you are an expert, they are known to be vulnerable to theft unless set up correctly.

Tipping

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. There's lots of discussion about which unit is the most appropriate so you might see people using different ones until people agree:
Unit Value Info
mBitcoin / mBTC 1,000 in a bitcoin SI unit for milli i.e. millilitre (ml) or millimeter (mm)
μBitcoin / μBTC 1,000,000 in a bitcoin SI unit for micro i.e microlitre (μl) or micrometre (μm)
bits 1,000,000 in a bitcoin Colloquial term with the same value as μBTC
Satoshi 100,000,000 in a bitcoin The smallest unit of bitcoin, named after the inventor
For example, assuming an exchange rate of $500 for one Bitcoin, a $10 meal would equal:
Assuming the worth of bitcoin continues to increase, it will become easier to work at these lower divisions in day to day life.
Still have questions? The friendly folks at /BitcoinBeginners would be happy to help you out. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BashCo to Bitcoin [link] [comments]

Can we get back to actually discussing Bitcoin rather than the exchange rate of Bitcoin?

I know this a bit circle-jerky, but I really don't care too much what the current price of BTC is. I'm holding for now. Really the only thing that will make me sell is if I see another cryptocurrency or equally brilliant piece of software that makes the featureset of bitcoin look antiquated. I don't see that happening very soon though. Some of you newbies are speculating on something you really don't even know the utility of.
By featureset I mean this.
  1. Distributed, verifiable ledger: The blockchain is really a fancy name for a extremely secure ledger. It contains a record of every transaction that has occurred in the bitcoin ecosystem. This is an amazing achievement on its own. Can you imagine if the company you worked for had a system setup that kept track of all this information this reliably?
  2. The ability to memorize a number (or brainwallet phrase), walk across a border and (provided their there is a local exchange) change your money back to whatever fiat currency is the accepted medium of exchange in that country.
  3. The ability to have at-a-glance, verifiable, data about the entire bitcoin ecosystem. Statistical analysis is so much easier when you know your source data is accurate. http://blockchain.info/charts
  4. We know, with almost certainty, how many bitcoins will have been created by the end of the day tomorrow, 2 weeks from now, and in the year 2140. If nothing else, this is an amazing economic experiment. We get to see what a known, controlled rate of "coin" production does to society. I personally like that knowledge.
  5. Smart contracts could in the future change the way we do business, pass money to children, pay loans, etc. https://en.bitcoin.it/wiki/Contracts
  6. Green addresses get around the double-spend problem. https://en.bitcoin.it/wiki/Green_address
  7. Merged mining and other alternative chains: "Alternative chains have been suggested as ways to implement DNS, P2P currency exchanges, SSL certificate authorities, timestamping, file storage and voting systems." Goodbye Diebold.
  8. Sending money into outer space. Ok, I'm going out there with this one, but I think it's kind of fun. https://bitcointalk.org/index.php?topic=56285.0
  9. Many other features already realized.
  10. Other features that have not been invented yet.
Sorry for the ramblings, just getting tired of the rampant, "OMG!!!1!!! $120/BTC" stuff that is going on in this place. It's the featureset that we should be selling, it's not just "internet gold" or "internet cash," it's a novel thing.
tl;dr: Money/Commodity/Exchange/whatever-you-want-to-call-it ver. 2.0
Edit: Grammar Nazi.
Edit 2: I woke up to find this on the top of the subreddit and myself two bitcents richer. I love the discussion and wish I could contribute a little more, but I'm going to work.
submitted by throckmortonsign to Bitcoin [link] [comments]

My repost: Can we get back to actually discussing Bitcoin rather than the exchange rate of Bitcoin?

My post from 7 months ago with a couple of additions.
Original
I know this a bit circle-jerky, but I really don't care too much what the current price of BTC is. I'm holding for now. Really the only thing that will make me sell is if I see another cryptocurrency or equally brilliant piece of software that makes the featureset of bitcoin look antiquated. I don't see that happening very soon though. Some of you newbies are speculating on something you really don't even know the utility of.
By featureset I mean this.
  1. Distributed, verifiable ledger: The blockchain is really a fancy name for a extremely secure ledger. It contains a record of every transaction that has occurred in the bitcoin ecosystem. This is an amazing achievement on its own. Can you imagine if the company you worked for had a system setup that kept track of all this information this reliably?
  2. The ability to memorize a number (or brainwallet phrase), walk across a border and (provided there is a local exchange) change your money back to whatever fiat currency is the accepted medium of exchange in that country.
  3. The ability to have at-a-glance, verifiable, data about the entire bitcoin ecosystem. Statistical analysis is so much easier when you know your source data is accurate. http://blockchain.info/charts
  4. We know, with near certainty, how many bitcoins will have been created by the end of the day tomorrow, 2 weeks from now, and in the year 2140. If nothing else, this is an amazing economic experiment. We get to see what a known, controlled rate of "coin" production does to society. I personally like that knowledge.
  5. Smart contracts could in the future change the way we do business, pass money to children, pay loans, etc. https://en.bitcoin.it/wiki/Contracts
  6. Green addresses get around the double-spend problem. https://en.bitcoin.it/wiki/Green_address
  7. Merged mining and other alternative chains: "Alternative chains have been suggested as ways to implement DNS, P2P currency exchanges, SSL certificate authorities, timestamping, file storage and voting systems." Goodbye Diebold.
  8. This is amazing - Autonomous agents video wiki link
  9. Sending money into outer space. Ok, I'm going out there with this one, but I think it's kind of fun. (Probably need "space coin" with a longer confirmation time) https://bitcointalk.org/index.php?topic=56285.0
  10. Many other features already realized.
  11. Other features that have not been invented yet.
Sorry for the ramblings, just getting tired of the rampant, "OMG!!!1!!! $300$120/BTC" stuff that is going on in this place. It's the featureset that we should be selling, it's not just "internet gold" or "internet cash," it's a novel thing.
tl;dr: Money/Commodity/Exchange/whatever-you-want-to-call-it ver. 2.0
submitted by throckmortonsign to Bitcoin [link] [comments]

Notes on a first quick test of NTumblebit, on Linux and regtest.

I just thought I'd jot down a few notes on the experience of trying out the current NTumbleBit code.
This is testing on regtest, done for the simple reason that you don't have to wait for testnet blocks (nor sync testnet which is mildly annoying). At this stage I just wanted to learn how this works.
Your starting point is this wiki page.

Installation

You need to download Bitcoin Core. Use at least 0.13.1 - this turned out to be only major blocking point in the whole test, funnily enough, for me - it took me a few hours(!) in debugging to realize that the reason my wallet's coins were not being recognized was simply because 0.12.1 didn't support the necessary RPC syntax. (Note to devs: is there a way to expose errors/exception to the user in the client to help with under-the-hood errors like that? RPC configuration errors are exposed, so that's good of course).
Since this is regtest, that's it: you don't need to sync any blockchains :)
However, you do of course have to configure and start it. Put a bitcoin.conf somewhere (if you're currently running a node it's easiest to make a separate one from your main ~/.bitcoin/bitcoin.conf one, of course. I put one in ~/bitcoin.conf with these settings:
rpcuser=bitcoinrpc rpcpassword=123456abcdef 
(you'll need those values again in a minute) and then run with
~/bitcoininstallationdibitcoind -regtest -daemon -conf=homedibitcoin.conf 
(I didn't need to add server=1 to config).
Note that coins are not available until maturity, so you need to use the generate command to mine blocks, like this:
~/bitcoininstallationdibitcoin-cli -regtest -rpcuser=bitcoinrpc -rpcpassword=123456abcdef generate 101 
Now your regtest bitcoind is running, you can move on to Tumblebit. Follow the instructions in the wiki page mentioned at the start; install .Net Core - the Microsoft instructions are easy to follow, just a couple of apt-gets and install the *.deb. Next, clone the github repo and run the Unit Tests. They passed first time for me.

Running

Next, start up the server, following the instructions in the wiki, except note you're using regtest, so:
cd NTumbleBit.TumblerServer dotnet run -regtest 
The first start up will compile but also set up RSA keys, all that is fine without changes, but you'll need to edit the config so that the RPC is pointing at your regtest instance properly. In this case it (the new config should be located in ~/.ntumblebit/RegTest/server.config) should be edited to look like:
rpc.url=http://localhost:18332/ rpc.user=bitcoinrpc rpc.password=123456abcdef #rpc.cookiefile=yourbitcoinfolde.cookie 
Then restart and check you get no RPC errors. Leave that console open, it's running a server loop.
Next, configure and start the client. Note, we are still following the wiki page, except for the regtest element, so:
cd NTumbleBit.CLI dotnet run -regtest 
You'll most likely get an RPC error again, before it shuts down. Now we need to edit the ~/.ntumblebit/RegTest/client.config file. The server can be left as the default localhost:5000, but you need the right RPC settings:
rpc.url=http://localhost:18332/ rpc.user=bitcoinrpc rpc.password=123456abcdef #rpc.cookiefile=yourbitcoinfolde.cookie tumbler.server=http://localhost:5000 outputwallet.extpubkey= outputwallet.keypath=0 
the last two fields are the important bit, which the wiki page explains in some detail for the testnet case.

Details on setting up a receiving wallet (for this test!)

What you need is a BIP32 based wallet (HD) that supports testnet, and can be run against regtest here (which in most cases will be the same thing to a wallet, as long as it can connect via RPC to sync itself). The good news is the wallet doesn't need to contain any coins. The details of the following probably won't be suitable for most (if you've never used joinmarket it's a bit convoluted), so you'll probably want to find another easy to use wallet; the wiki page should be a good starting point.
For my test I used joinmarket; all we need to do is (a) hook it up to the regtest instance, and (b) extract the BIP32 xpub key that we'll be sending coins to. So in my case the flow of coins is:
Regtest Bitcoin Core wallet (containing 'mined' coins) one branch of my BIP32 joinmarket wallet, configured to sync against the same regtest instance.
I used my new joinmarket code but it's the same for the main joinmarket code. I overwrote joinmarket.cfg to have regtest settings (use this file; only the highlighted settings matter, those are the right ones for this test), then just run python wallet-tool.py randomseed. "randomseed" there can be literally anything, it's read as a brainwallet style seed for the bip32 wallet (because testnet, we don't care about its insecurity). The tpub.. keys seen for each branch are the "xpub" public keys at that branch of the BIP32 wallet. Tumblebit is going to send to a branch below whatever xpub we need, so the simplest is to add a print statement to print the xpub key above that; e.g. add this code:
for i in range(max_mix_depth): print('master for index: ' + str( i) + ' : ' + btc.bip32_privtopub(mixing_depth_keys[i])) 
immediately above this line. Then run again python wallet-tool.py randomseed.
Extract an xpub for any one of the "mixdepths", e.g. I chose:
master for index: 3 : tpubDBFGvUbWtEPKXeWPeG7rUh98iV9GuXSDbnk6ZrZHjcmp134BPByT293HPPQ93DktrVFKpZeAU1ULSdyfmwWuUGvUVLP19JkdUq2mzNKFJPR 
and put that tpub.. key into the field pubkey in the above mentioned 'client.config':
outputwallet.extpubkey=tpubDBFGvUbWtEPKXeWPeG7rUh98iV9GuXSDbnk6ZrZHjcmp134BPByT293HPPQ93DktrVFKpZeAU1ULSdyfmwWuUGvUVLP19JkdUq2mzNKFJPR outputwallet.keypath=0 
Now save and quit.

Running the tumble

Restart the client. If RPC is right, it'll start running, waiting for blocks. Your regtest Core instance will have coins (after the previous generate 101), and those coins will be automatically tumbled, one coin at a time, into the output wallet (in my case, the branch m/0/3/0 which is labelled there 'mixdepth 3, external').
Now you can test and watch the process! Open up a third console and repeatedly generate blocks:
/path/to/bitcoin/bin/bitcoin-cli -regtest -rpcpassword=123456abcdef generate 1 
As each block is generated you'll see the state in the client terminal window updating, showing the phases. A new 'epoch' (right term?) is started every N blocks (I haven't investigated the timing yet), and several epochs run concurrently. In each one, the client can pay in 1 Bitcoin (from Core) and eventually get out 1 coin - fees to the destination (Joinmarket in my case, any other BIP32 in yours). You can replace generate 1 with generate N but I'm not sure if the code will always correctly handle you mining lots of blocks at once! After a large enough number of blocks you'll start to see 'ClientCashout phase' occurring, and txids being printed out. You can go back to your (JM or other) wallet and see the coins arriving; here's what I see after a few epochs have gone through (using my python wallet-tool.py randomseed command):
for mixdepth=2 balance=0.00000000btc mixing depth 3 m/0/3/ external addresses m/0/3/0 tpubDDMAxSHJmxzeXwDnATuvtDizqNSsQKpXGufBDnER44BzEbHy7kg485zZwHqvzprgf6yEQYg9qYYfsLYS1HMmdSuXDzQb2dJSiga9geyM62R m/0/3/0/007 mw9s7tYucxB9yr2L6HkqeDVsh3wdgMdcyK used 0.99995750 btc m/0/3/0/008 mq5TgTNgwYHv88Q4T7wL6kTb1MBSPE3mqK used 0.99995750 btc m/0/3/0/009 mhzQFY8FNvux6SKWKLKmhBB3Sw4MLaSnyu used 0.99995750 btc m/0/3/0/010 mrYECmCf5UKa1BBRMuzprVugsCi9z7oiHo new 0.00000000 btc m/0/3/0/011 mopUNXmHT8ngfBymM3c3EYMg7RLZAf6Zc6 new 0.00000000 btc m/0/3/0/012 mmaVXVfQP4UAYJPhMpQ3FhgXfHzujaxyw4 new 0.00000000 btc m/0/3/0/013 mzYD1AcUFz8SVwJM8EjVCfEM6pcYnHooBR new 0.00000000 btc m/0/3/0/014 my5unLCEMWQBkXBdeJ75VVGk1wrMrT8iDE new 0.00000000 btc m/0/3/0/015 muA76YSTtKKmD6HnVKYhkd9K9TZnPLh8pp new 0.00000000 btc internal addresses m/0/3/1 for mixdepth=3 balance=2.99987250btc 
As you can see, 3 coins have arrived.
submitted by waxwing to TumbleBit [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome To The /Bitcoin Sticky FAQ

Maybe you're here because you've received a tip on social media, or maybe you've just been hearing a lot recently about Bitcoin and are wondering what the big deal is? The following videos are a good starting point for understanding how bitcoin works and a little bit about its long term potential:

What are Bitcoins worth and where can I buy them?

Bitcoins are valued at what market price people are willing to pay for them. Here are a couple useful sites 1 and 2 that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just google "1 bitcoin in (your local currency)".
You can buy or sell any amount of bitcoin (from as little as $1 worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank account. Some recommendations include:
US & Europe
Australia
China
All countries
Always do your own personal due diligence on the validity of an exchange and check the URL prior to sending them money or entering login credentials. Phishing sites are not uncommon. Use this checklist if you aren't sure which exchange to choose.

Where can I spend Bitcoins?

A comprehensive list can be found at TheBitcoinPage.com but some of the key ones are below:
Store Product
Microsoft Xbox games, phone apps and software
Spendabit and The Bitcoin Shop Search engines of online retailers accepting bitcoin with millions of results
Overstock Everything under the sun
Gyft Gift cards for thousands of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, etc.
Reddit Gold Premium membership which can be gifted to others
NewEgg, TigerDirect and Dell For all your electronic needs
Expedia, Cheapair and 9flats For when you need to get away
Wordpress, Namecheap, Mullvad and PIA Handy web services
Foodler and Takeaway Takeout delivered to your door!
HumbleBundle and GreenmanGaming For when you need to get your game on
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. UK residents can find a comprehensive directory of shops, pubs, websites and other places in the UK that accept bitcoins at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, Red Cross and the RNLI. You can find a longer list here.

Merchant Resources

If you operate a business and want to accept bitcoin as a payment method, there are several options available:

Can I mine bitcoin?

Mining bitcoins can be a fun hobby but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The friendly folks at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network, you can run a full node by hosting the blockchain and propagating transactions. Here is a handy setup guide

Securing your bitcoins

With bitcoin you can be your own bank and personally secure your bitcoins or you can use trusted companies such as Coinbase and Circle which have secured wallets where they hold the bitcoins for you and provide insurance. Be sure to only deal with reputable companies, if you have any concerns about a company's trustworthiness just ask or check their consumer reviews and ratings.
If you prefer to have direct control over your coins without having to use a trusted third party you can use personal wallets for desktops / laptops, Android and iOS where you alone hold your private keys. Electrum, Mycelium and Breadwallet are popular, but there are many options.
Find a wallet that works best for you
For increased security use Two Factor Authentication (2FA) everywhere it is offered, including email! (2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access). Google Authenticator and Authy are two great apps for handling 2FA.
Additional security systems such as Mycelium Entropy (for printing multi-signature paper wallets) and the Trezor Hardware Wallet are great ways to easily secure your coins. Or, you can opt to secure your bitcoin using cold storage.
Note: Do not use brainwallets unless you are an expert, they are known to be vulnerable to theft unless set up correctly.

Earning bitcoins

Just like any other form of money, you can earn bitcoins by working for them. Here are a few resources for bitcoin jobs.

Tipping

Bitcoin Units

Note: This is a brief overview to the most commonly used Bitcoin units. For full information check out the Bitcoin Units wiki (work in progress).
One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common ones are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (ml) or millimeter (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μl) or micrometre (μm)
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $500 for one Bitcoin, a $10 meal would equal:
Still have questions? The friendly folks at /BitcoinBeginners would be happy to help you out. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit.
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending mod approval. The original sticky can still be found here.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BashCo to Bitcoin [link] [comments]

Hardware Bitcoin Brain Wallet Generator Como usar BrainWallet - Bitcoin-Portugal.com How to Brute Force a Bitcoin Wallet with Hashcat - YouTube Bitcoin Mining Carbon Footprint and Potential Environmental Disaster Bitcoin Daytrader - YouTube

A brainwallet or “mind wallet,” as the name implies, refers to storing Bitcoin (BTC) in a user’s own brain by committing a seed phrase to memory. Thus, rather than owning a wallet app or hardware storage, brainwallets store Bitcoin in one’s own mind. The process is fairly straightforward as it involves using a seed generation service ... A Bitcoin wallet is then restored with the seed phrase when the user wants to spend Bitcoin; This may seem like a strange way to keep Bitcoin, but a brainwallet can actually serve a purpose. Imagine if you were working in an unstable country and were suddenly forced to leave with nothing. If you had a seed phrase memorized you could perhaps get to your wallet at some point and recover it ... Brainwallet is a fast, easy, and effective way to create a “brain wallet” for your bitcoin. You can use the website online or offline to generate a passphrase and salts for your bitcoin keys. As long as you remember the passphrase and your salts, you’ll be able to recover your bitcoin. It’s like storing your bitcoin in your brain. A brain wallet is a standard wallet that generates its address by hashing a passphrase to create a private key and therefore a public key and resultant address.. Seeing as a Bitcoin or a Litecoin address is usually a 256 bit string – the SHA-256 algorithm is usually used – although various levels of complexity can be added to this.. So if I wanted to generate a private address using the ... Absolutely anonymous bitcoin wallet. No KYC, id, verification. To register a wallet does not even need mail. 5. Online Bitcoin Wallet (btc) Create a Bitcoin wallet online: no need to download and install applications. 6. Best Bitcoin Wallet for Android and IOS It doesn’t matter what’s in your mobile - Android or IOS. Bitcoin wallet is ...

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Hardware Bitcoin Brain Wallet Generator

Learn how to Brute-Force your Bitcoin core wallet using Hashcat. Get the Bitcoin2John.py script here: https://github.com/magnumripper/JohnTheRipper/blob/blee... If you want to donate a satoshi/bitcoin to help the channel grow, here's my wallet: 1GFiTKxWyEjAjZv4vsNtWTUmL53HgXBuvu Send me a private message so I can put your ... bitcoin x64 x bitcoin bitcoin miner osx os x bitcoin wallet bitcoin mining osx os x bitcoin os x bitcoin client os x bitcoin mining software michael x bitcoin exchange bot x-1 bitcoin miner mac os ... Como usar BrainWallet - Bitcoin-Portugal.com Leiam o artigo em: http://j.mp/XAZTMr http://brainwallet.org/ http://bitcoin-portugal.com The advantage of the brain wallet is that the wallet can be recreated on the fly using only the passphrase. Thus, in a sense, the bitcoins contained in the brain wallet are stored in the owner's mind.

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